Since Fitzgerald proposed MFRA with Senators Carl Levin (D-MI) and Susan Collins (R-ME) earlier this year, the measure has gained the endorsements of numerous consumer groups and industry leaders.

MFRA, among other things, would eliminate 12b-1 fees, as well as soft dollar, revenue sharing, and directed brokerage arrangements -- all of which, Fitzgerald explained, serve no reasonable business purpose and drive up costs for shareholders.

Other than 12b-1 fees, which MFRA bars, the bill does not regulate fees.

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